The tender offer is small, and would represent around a €10m outlay for CPI if successful.
Read MoreFor now, it’s just an idea, but the pitch from Proman for methanol-fuelled power in the Caribbean is potentially positive for
Read MoreThe new USD 330 million TLB will fund the calling of the remaining USD 223 SUNs. This will layer the remaining outstanding SUNs with
Read MoreThe multiple paid for the stakes in CNC and N2000 is at the high end of what we would expect, but not outrageous. The $100m cash that
Read MoreThe 30-point recovery in CONSEN bonds over the last couple of days has been a pleasant surprise, even if the quantum of the leap belies a dearth of
Read MoreThe settlement of the litigation between the T&T government and Proman is more complex than expected; however, the overall impact on
Read MoreThe settlement of the Proman/Clico litigation is a potentially significant positive for CONSEN. The repayment of the USD250m loan to
Read MoreThe decision to idle melamine production in Trinidad and Tobago is a surprise. However, melamine production represents around
Read MoreCONSEN needs to refinance the $227m May 2027 SUN and will have to raise Secured debt, either by increasing its TLB or issuing
Read MoreThe downgrade from Moody’s is a reaction to CONSEN not dealing with the $227m May 2026 SUN maturity yet. The Agency point out that
Read MoreManagement expects the impact of curtailments in Q3 (in T&T) will be reversed in Q4. Outside of the T&T Methanol business, results were at
Read MoreInteresting colour, but nothing new here, Proman will not be repaying its loans from CONSEN anytime soon (as we expected). The $360m loan and $280m guarantee have
Read MoreProman is happy that CONSEN can export fertiliser to the US tariff-free. For the avoidance of doubt, this returns the
Read MoreLast week, the US dropped the 15% tariff on fertiliser products from Trinidad and Tobago (T&T), which will protect the profitability of its
Read MoreThe downgrade from S&P reflects the same concerns that Moody’s showed. CEL favours supporting its parent's (Proman's) growth plans over
Read MoreThe cancellation of possible gas deals between Venezuela and Trinidad & Tobago poses no short-term risk to supplies of natural gas to
Read MoreThe tensions between the US and Venezuela are hurting Consolidated Energy (CONSEN) bonds. We think the concerns are overdone. Delays in
Read MoreBonds have softened recently, though without any notable new developments. Two minor news items may be affecting sentiment, but neither is
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Consolidated Energy's (CONSEN) performance is improving, but methanol demand fell in Q2 due to concerns about the Trump tariff and the forward scheduling of a
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The new Idea Pitch videos are now available.
You can find them on the Sarria website landing page as well as on each individual company’s dedicated page.